Definitions Ch 3
Chapter 1
Chapter 2
Chapter 3
Debit/Credit
100
A business paper from which information is obtained for a journal entry is called this
What is a source document
100
This side of the accounting equation is increased by a debit
What is the left side/Asset side
100
The normal balance of all Assets
What is Debit balance
100
This is five
What is 3 + 2
100
bought supplies on account from Supply Depot
What is Credit=Accounts payable-Supply Depot and Debit=supplies
200
A journal amount column headed with an account title is called this
What is a special amount column
200
This part of the accounting equation is decreased by a credit.
What is the left side/Asset side
200
The normal balance of all liabilities
What is credit balance
200
While journalizing in a five column journal what account is credited for the following transaction: Paid cash for rent
What is Cash
200
Paid cash for insurance
What is Debit=prepaid insurance and credit cash
300
A journal amount column that is not headed with an account title is called this
What is a general amount column
300
What would Owner's Equity be if your Assets are $95,000 and your liabilities are $51,000
What is $44,000.
300
This account will be debited in this transaction: Received cash from owner as an investment
What is the Cash account
300
The account to be debited in following transaction: Paid cash to owner for personal use
What is Owner, Drawing account
300
Paid cash on supplies
What is Debit =supplies and credit=cash
400
A form on which a brief message is written describing a transaction is called this
What is a memorandum
400
Financial reports that summarize the financial condition and operations of a business are called this
What are financial statements
400
This account will be credited in the following tranactions: Paid Cash for supplies.
What is the cash account
400
Determining that the amount of cash agrees with the accounting records is this
What is proving cash
400
Paid cash for rent
What is debit=rent expense and credit = cash
500
Information for each transaction recorded in a journal is called this
What is an entry
500
This is on the right side of the accounting equation.
What is Liabilities and Owner's Equity
500
This account will be debited in the following transaction: Paid cash on account to Supply Depot
What is Accounts Payable-Supply Depot
500
This account is credited in the following transaction: Sold services on account to Oakdale School.
What is Sales
500
received cash from sales
What is debit = cash and credit = sales
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